|
(ICIS) -- Major chemical companies’ stock
prices declined in Europe on Friday as commodity values tumbled in early trading
and sell-offs continued worldwide on fears over economic growth and stability in
the US and Europe. Markets are losing confidence in the ability of politicians
or the financial sector to rebalance the global economy, traders and brokers
said.
German majors BASF and Bayer were among the biggest losers in early
trading, shedding 3.5% and 2% to trade at EUR 54.63 (USD 76.94) and EUR 49 per
share respectively on the German bourse, the DAX. The DAX was down by 2.6%
overall in early trading, while European chemical companies lost 1.74% of their
value on Friday on average.
In the US, Dow Chemical ended Thursday down 10.2% after shares traded at
USD 30.31. The Dow Jones Industrial Average, which tracks the value of the
biggest publicly listed firms in the US, dropped by 4.3% overall on
Thursday.
The falling stock prices came as traders sold off shares after becoming
increasingly nervous over the stability of the global economy. Despite a deal
brokered in the US to raise the country’s government-mandated debt ceiling by
USD 2.4 trillion on 2 August, many analysts remain concerned about the country’s
economy and expect bad news when the Department of Labor releases non-farm
payroll figures later on Friday.
mrcplast.com
| 
